First on our refresher list is Stefan Ferstl, who is still running the fund he took over from Michael Hanak in February 2008. The Austrian-domiciled fund invests across the cap range and is based on a momentum strategy.

Hit badly over the summer of 2011, the fund fell below its benchmark and has remained in negative territory since May of last year.

Operating on a fund-of-funds basis, the ARIQON fund currently has its largest weighting towards North American equity funds.

Its two largest positions are comprised of two passive strategies, the AXA Rosenberg Enhanced Index and the Lyxor ETF Dow Jones.

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Acknowledged last time out for his performance across three portfolios, DWS’ Thomas Schüssler is now at the helm of just one of the funds, the DWS Top Dividend fund. The two Global Value funds were taken on by Peter Steffen in December 2011.

Looking broadly at the performance of the three value-driven strategies, all three remain in positive territory. However, they slightly trail the MSCI Global Value index over this period.

The former Citywire AA-rated manager retains control of the €8.1 billion DWS Top Dividende fund and has over two-thirds of its assets in super large-cap companies, those with a market cap greater than €10 billion, with consumer staples being his top sector allocation.

SRI specialist Richard Power of Dolmen Securities is another manager to have suffered over the summer of 2011. This period saw his concentrated 30-stock portfolio trail its benchmark by around 20% on average and remains in negative territory at the end of the analysis period.

Investing in a range of socially or environmentally-focused companies, Power has a diverse country allocation with his largest exposure being to companies in North America, central Europe and Japan.

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The first of two entries on this list for Pictet’s Hans Peter Portner is for the performance on the thematic fund, the PF(LUX)-Water fund. This €2.34 billion fund invests across the water supply chain and, as at the end of July 2012, holds 58 positions.

Like all the other funds on this list, the performance of the Pictet-Water fund was hamstrung by the equity market drop last summer. However, the specialist strategy is the only fund on our countdown to have outperformed its benchmark over the analysis period.

Portner’s second fund on this list ended the analysis period in positive territory but could not better the return of its benchmark, the FTSE World EUR. It was launched in October 2008 in order to capture wider macro trends.

It invests across a wide range of sectors from water, timber, clean energy, security, biotech, digital communications and premium brands.

The global mega trends strategy of the fund was slightly altered in May 2009 following the launch of Pictet’s PF(LUX)-Agriculture fund.

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Last time’s highest returning of the most consistent managers, Vincent Lequertier is the only manager on the list to have left the firm where they achieved their outperformance.

The former Oddo Asset Management manager joined French boutique Somangest at the start of 2012 and oversees their long/short fund Somabsolut. He had served as lead manager on the Oddo Opportunites fund since October 2002.

The fund was taken over by Mirela Agache and Armel Coville following Lequertier’s departure. It has returned 2% in the two-and-a-half year analysis period but over this time its Citywire benchmark, the MSCI World TR, has risen 19.95% in euro terms.

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